IO World Media Announces Preferred Shareholders Agree to Convert into Common Stock

IO World Media (“IOWorld” or “the Company”) (OTCQB: IWDM) announced today that holders of the Company’s Preferred Stock, with a par value of $9,000,000, have agreed to amend and restate the terms of the Preferred Stock as follows. All or a portion of the Preferred Stock shall be convertible, at the option of the Company, into shares of the Company’s common stock (the “Common Stock”) at $0.0606 per share of Common Stock (the “Conversion Price”). And, to the extent any shares of Preferred Stock remain issued and outstanding on the one-year anniversary of this letter agreement, the Preferred Stock will begin accruing interest at the rate of five percent (5%).”

IOWorld intends to convert all of the Preferred Stock into Common Stock as soon as it is able to increase the number of authorized Common Stock shares available for issuance. The conversion price of $0.0606 is a 219% premium to the closing price of the Common Stock on July 26th, 2012 of $0.019, and will convert into 148,514,850 shares.

Thomas Bean, Chairman, President and Chief Executive Officer of the Company, commented: “We are excited about Zanett Opportunity Fund, Ltd.,’s recent acquisition of 1,000,000 shares of Preferred Stock previously controlled by a prior affiliate. In our opinion, this action by an institutional investor coupled with the agreement to convert all the Preferred Stock into Common Stock at a fixed conversion price eliminates the uncertainty about the market value of the Company that was caused by the prior conversion rights of preferred stockholders. We also believe this is beneficial for our common stockholders because preferred stockholders agreed to convert $9 million of par value of Preferred Stock into $2.8 million of Common Stock valued at the closing price on Thursday, July 26th, 2012 of $0.019. This is over a 200% premium to the market versus the old conversion rights that were at significant discounts.”

IO World Media, Inc. is an internet media platform that delivers streamed audio product to distinctively differently audiences for the purposes of generating revenue and profits. Its three operating businesses are: 1) Radioio where the Company streams a broad variety of different music genres to paying and non-paying listeners. The advantages here are that subscribers can receive extraordinarily high-quality fidelity music via 70+ different channels with, or without, advertising interruptions. 2) IO Business Music is the 21st century adaptation of the nearly century-old business background music found in restaurants, elevators, office building lobbies, etc. The advantage here is lower cost, far better fidelity and far greater flexibility regarding programming. 3) Radioio Live is a wholly new operation that focuses on providing the Company’s listeners with access to live and archived proprietary talent content. Bubba the Love Sponge is the first of the Radioio Live producers of live content.

Certain statements in this release could constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise stated in this news announcement, IO World Media, Inc. does not undertake any obligation to publicly update or revise any forward-looking statements because of new information or future events.

Radioio (CE) (USOTC:RAIO)
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